TORONTO, May 22, 2013 /CNW/ - Welsh Property Trust, LLC ("Welsh")
confirmed that, in connection with the initial public offering (the
"Offering") of trust units ("Units") of WPT Industrial Real Estate
Investment Trust (the "REIT") and the indirect acquisition by WPT
Industrial, LP (the "Partnership") (the REIT's operating subsidiary)
from Welsh of a portfolio of properties comprised of 35 industrial
properties and two office properties located in 12 states in the United
States (collectively, the "Initial Properties") as described in the
final prospectus of the REIT dated April 18, 2013, Welsh acquired
ownership of 10,867,362 Class B partnership units (the "Class B Units")
of the Partnership representing 100% of the issued and outstanding
Class B Units as of the date hereof. Each Class B Unit is redeemable by
the holder thereof for cash or Units (on a one-for-one basis subject to
customary anti-dilution adjustments), as determined by the general
partner of the Partnership in its sole discretion. The Class B Units
are economically equivalent to Units and are entitled to distributions
of cash from the Partnership equal to the cash distributions paid to
holders of the Units by the REIT.

In connection with the Offering and the indirect acquisition by the
Partnership of the Initial Properties from Welsh as described in the
REIT's final prospectus dated April 18, 2013, each Class B Unit was
valued at US$10.00 per Class B Unit. On April 26, 2013, the noon rate
of exchange posted by the Bank of Canada for conversion of U.S. dollars
into Canadian dollars was US$1.00 equals Cdn$1.017. Applying this noon
rate, each Class B Unit was valued at Cdn$10.17.

On closing of the Offering on April 26, 2013, Welsh's Class B Units
represented an approximate 52.1% effective interest in the REIT (on a
fully-diluted basis assuming all Class B Units held by Welsh are
redeemed for Units). On May 14, 2013, the REIT announced that the
underwriters for the Offering exercised a portion of their
over-allotment option. On closing of the over-allotment option on May
16, 2013, Welsh's Class B Units represented an approximate 48.7%
effective interest in the REIT (on a fully-diluted basis assuming all
Class B Units held by Welsh are redeemed for Units).

Welsh acquired the Class B Units as partial consideration for the
contribution of its indirect interests in the Initial Properties to the
Partnership. Welsh's position may be increased (whether pursuant to
property acquisition transactions or otherwise) or decreased in the
future as considered appropriate in light of investment criteria,
market conditions and other factors or circumstances and in accordance
with the provisions of applicable securities legislation.

SOURCE: Welsh Property Trust, LLC

For further information:

Further information (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting: